This study aims to analyze the effect of profitability, debt, company growth, company size, and liquidity on dividend policy. The samle used in this study was manufacturing companies listed on the Indonesia Stock Exchange in the 2014-2018 period. The sampling technique used in this study used purposive sampling and obtained data of 147 samples. The research used multiple regression analysis. The results of this study indicate that this study indicate that profitability has a positif signifikan effect on dividend policy, leverage has a significant negative effect on dividen policy, company growth has a significant negative effect on dividend policy, firm size has a significant positive effect on dividend poicy, and liquidity has no significant positive effect on dividend policy.